The company (NASDAQ:ECTE) said it had a year-end cash balance of $9.2 million following the exercises. Chairman and CEO Patrick Mooney said the cash puts the company in a better position to develop and test its products, which include a wireless glucose-monitoring system for diabetics.

Echo announced positive results last month from its clinical study of its wireless Symphony glucose monitoring system in 20 patients with type 1 and type 2 diabetes. Data from the study confirmed that Symphony successfully monitors the broad range of blood glucose values seen in people with diabetes, the company said.

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